Opensea CEO Distances NFTs From Crypto Collapse

• Opensea CEO Devin Finzer has distanced NFTs from the current problems in the crypto market
• Finzer believes the crypto market is suffering from the aftermath of the FTX saga
• The executive thinks that NFT trading will shift from solely using virtual currencies

Opensea CEO Devin Finzer has observed that NFTs have nothing to do with the ongoing rot in the crypto market. Finzer said that the virtual currency market is suffering from the aftermath of the FTX saga, which has attracted the attention of the United States Department of Justice. The executive added that NFT trading is likely to incorporate other types of payments besides cryptocurrency.

Understand Before Regulating

Speaking to Financial Times, Finzer admitted that digital collectibles have a link to the crypto world which has contributed to a slump in consumption of NFTs due to the ongoing crypto winter. However, Finzer noted that despite the plummeting crypto prices, NFT collectors will continue purchasing more NFTs for display in their homes and on digital platforms.

According to Finzer, more forms of payments will be introduced in the NFT market as the industry is set to grow and be “more accessible” even to people wishing to pay using the US dollar and other types of currencies. 

Touching on the involvement of regulatory agencies, Finzer noted that financial watchdogs should first understand the difference between NFTs and crypto before enacting laws such as the European Union’s Markets in Crypto-Assets. For the executive, the value of crypto revolves around ‘“financial use cases” while that of digital collectibles comes from “how people engage with it.”

More Properties become NFTs

Finzer added that the way NFTs will change over time:

More and more […] property may be digital as opposed to physical art […] right now, it is maybe early adopters that are displaying NFTs inside of their homes, but that could be something that continues to happen more and more.

Finzer’s observation comes when the crypto market has been plagued by other major scandals such as LUNA and terraUSD collapse this year. The NFT market, however, has seen major platforms like Twitter and Instagram enable NFT trading while NFT marketplaces have continued to add more features to adapt to changing users’ needs. Although crypto and NFTs are two distinct markets, they are likely to remain intertwined.

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